Healey to Push EU for UK Inclusion in 'Made in Europe' Scheme

3:08 AM ETDeveloping

Politics Desk

In Short: UK Chancellor John Healey will ask EU finance ministers to include Britain in a plan to protect European industries from unfair Chinese competition.

UK Chancellor John Healey is set to meet EU finance ministers in Dublin on Friday, where he will urge the bloc to include the UK in its 'Made in Europe' scheme designed to shield EU manufacturing from unfair competition, particularly from China.

Healey will emphasize the importance of deepening ties with the UK rather than erecting new barriers, according to Treasury sources. The 'Made in Europe' policy, officially known as the Industrial Accelerator Act (IAA), aims to protect EU manufacturing with restrictions on goods from outside countries.

Former UK trade negotiator Sir Crawford Falconer noted that the EU's initial plan would have allowed free trade partners like the UK to be included in the scheme, but a subsequent proposal recommended limiting membership to EU nations.

Healey's push comes after discussions about joining a global investment bank aimed at raising more money for defense spending. The meeting in Dublin is part of efforts to reduce the economic impact of Brexit and build closer ties with the EU without compromising UK interests.

There is concern within the UK government that the scheme could lock British firms out of European supply chains, potentially harming UK businesses and the broader economy.

What's still developing

Officials said Healey will tell European finance ministers it is important to "learn lessons" after talks collapsed last year for Britain to join an EU defence loans scheme.

Sources

BBClink